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22206 920 Shasta <br />Affordable Housing Plan and Density Bonus Request <br />November 5, 2024 <br />Project Timeline <br />The funding plan includes funding from HCD I AHSC funding in addition to a Seller Gap <br />Loan and Land Donation. The project will be funded by 4% federal tax credits and bonds. <br />Assuming this funding path, the project would begin construction by June 2026 and <br />complete by February 2028. See enclosed Proforma in Exhibit B, for farther details on the <br />financing plan. <br />As an alternative, the project would replace the HCD AHSC funds with City of Redwood <br />and San Mateo County Affordable Housing Funds which are typically available annually. <br />2. The location, structure (attached or detached), proposed tenure (for -sale or rental), <br />and size of the proposed market -rate (as applicable) and affordable units and the basis <br />for calculating the number of affordable units provided; <br />Rental units as shown in the table above, and on the entitlements plans. All proposed units <br />are affordable, with the exception of one manager's unit. See attached Exhibit C, <br />Affordable Housing Floor Plans. <br />3. A floor or site plan depicting the location for the affordable units; <br />100% affordable units with one manager's unit, as indicated in the entitlements plans. See <br />attached Exhibit C, Affordable Housing Floor Plans. <br />4. A phasing plan that provides for the timely development of the number of affordable <br />units in accordance with Section 29.6 (Standards for Affordable Housing); <br />Not Applicable. Land donation option is being requested. <br />5. If off-site units, or other alternatives are proposed under Section 29.8 (Alternatives), <br />the information deemed necessary by the City to support the findings required for <br />approval of such alternatives; and <br />ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT <br />REV: 10-16-25 VR <br />Exhibit B-1 - 8 <br />Datesilestones <br />Sign PSA and Open Escrow <br />6/1/2022 <br />Submit Entitlements Application <br />1/1/2023 <br />Secure Entitlements <br />12/1/2024 <br />Apply for HCD AHSC <br />3/1/2025 <br />Secure HCD AHSC <br />8/1/2025 <br />Apply for Tax Credits & Bond Financing <br />8/1/2025 <br />Secure Tax Credits & Bond Financing <br />11/1/2025 <br />Secure Investor <br />11/1/2025 <br />Construction Loan Close <br />5/1/2026 <br />Begin Constriction <br />5/1/2026 <br />Complete Construction <br />2/1/2028 <br />100% Occupancy <br />6/l/2028 <br />Permanent Loan Conversion <br />7/1/2028 <br />The funding plan includes funding from HCD I AHSC funding in addition to a Seller Gap <br />Loan and Land Donation. The project will be funded by 4% federal tax credits and bonds. <br />Assuming this funding path, the project would begin construction by June 2026 and <br />complete by February 2028. See enclosed Proforma in Exhibit B, for farther details on the <br />financing plan. <br />As an alternative, the project would replace the HCD AHSC funds with City of Redwood <br />and San Mateo County Affordable Housing Funds which are typically available annually. <br />2. The location, structure (attached or detached), proposed tenure (for -sale or rental), <br />and size of the proposed market -rate (as applicable) and affordable units and the basis <br />for calculating the number of affordable units provided; <br />Rental units as shown in the table above, and on the entitlements plans. All proposed units <br />are affordable, with the exception of one manager's unit. See attached Exhibit C, <br />Affordable Housing Floor Plans. <br />3. A floor or site plan depicting the location for the affordable units; <br />100% affordable units with one manager's unit, as indicated in the entitlements plans. See <br />attached Exhibit C, Affordable Housing Floor Plans. <br />4. A phasing plan that provides for the timely development of the number of affordable <br />units in accordance with Section 29.6 (Standards for Affordable Housing); <br />Not Applicable. Land donation option is being requested. <br />5. If off-site units, or other alternatives are proposed under Section 29.8 (Alternatives), <br />the information deemed necessary by the City to support the findings required for <br />approval of such alternatives; and <br />ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT <br />REV: 10-16-25 VR <br />Exhibit B-1 - 8 <br />